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Today, Bitcoin’s price trend remains flat, and the market’s commemoration of the historic moment when BTC’s market value exceeded $1 trillion for the first time in 2021 seems calm. Despite the significance of this milestone, Bitcoin’s price performance has been slightly weak, failing to break through the key $100,000 mark for two consecutive weeks. Technical indicators and on-chain data suggest that Bitcoin may continue to remain below this price point in the short term.
Bitcoin: The glory of trillion-dollar market value and the current stagnation
On this day in 2021, Bitcoin’s market value exceeded $1 trillion for the first time, becoming an important turning point in the history of cryptocurrency. Since then, Bitcoin’s market capitalization has almost doubled, now at $1.9 trillion. However, on this day of celebration, Bitcoin’s price has failed to show an exciting performance, and is still trapped in a narrow range below $100,000.
Since the beginning of February, Bitcoin’s price has fluctuated in a relatively balanced range, with long and short forces seemingly evenly matched. However, a deeper analysis of technical indicators shows that market sentiment is gradually tilting towards the bears.
Technical bearish signals intensify
According to BeInCrypto’s analysis of the BTC/USD daily chart, Bitcoin’s recent technical indicators show a certain bearish tendency. For example, the relative strength index (RSI) is currently 44.29, below the neutral line of 50, indicating that selling pressure is slightly stronger than buying, but it has not yet entered the oversold area (below 30). This means that Bitcoin still has room for further decline or sideways trading, and the trend reversal may take more time.
In addition, the moving average convergence divergence (MACD) indicator also supports this bearish view. As of now, Bitcoin’s MACD line (blue) is below the signal line (orange), which is often seen as a sign that prices may continue to fall. The MACD indicator helps traders identify potential buying or selling opportunities by tracking price trends and momentum changes. When the MACD line is below the signal line, it often indicates that bearish sentiment in the market is increasing.
Key Price Nodes: $90,000 Support vs. $100,000 Resistance
At press time, Bitcoin’s price is $96,248, just below the strong resistance level of $99,805. If the market selling pressure continues to intensify, Bitcoin may fall below the current narrow range and further test the key support level of $89,434.
However, if the market sentiment turns optimistic and the bulls regain dominance, Bitcoin is expected to break through the $99,805 resistance level and challenge the $100,000 mark again, and even try to hit its all-time high of $109,350.
Bitcoin is at a crossroads
The current market environment puts Bitcoin at a critical decision point: will it break through the $90,000 support level or break through the $100,000 resistance level? In either case, market participants need to pay close attention to price movements and changes in technical indicators in order to adjust their strategies in a timely manner.
For investors, although Bitcoin’s recent performance is slightly sluggish, its long-term potential cannot be ignored. After all, as the leading cryptocurrency with a market value of nearly $2 trillion, Bitcoin’s story is far from over. In the future, whether the market can usher in a new round of bull market remains to be seen.
